China has started showing interest in buying United States cotton, based on discussions during the April 12 meeting of the Plains Cotton Growers (PCG) Advisory Group.
There have been positive signals regarding movement of U.S. cotton to China in anticipation of a trade deal between China and the United States.
“Demand for cotton is there,” stated one merchant at the meeting.
With the domestic production of textiles at $110 billion and exports and trade at $40 billion, the country's production of textiles at present is worth $150 billion. The Textile Ministry is targeting to double textile production and trade to $300 billion by 2025, said Textile Commissioner Kavita Gupta on Friday.
To seek closer partnership, especially in import-export trade a meeting was recently held in Mozambique’s capital of Maputo where more than 100 representatives of Vietnamese, Mozambican and Swazi enterprises were present.
Addressing the event, Dao Manh Duc, head of the Vietnamese Trade Office in Mozambique called for businesses of both sides to become more active in studying each other’s market through joining trade fairs and exhibitions, and updating themselves on the economic, trade, investment, tax and currency policies of each other to minimize trade risks.
During the inauguration of the 13th fair “Maroc in Mode et Maroc Sourcing” held by the Association Maroccaine des Industries du Textile et de l’Habillement (AMITH) in Marrakesh, the Minister of Industry, Trade, Investment and Digital Economy of Morocco Moula Hafid Elamaly underscored a weighty plan to accelerate the country’s textile sector
As a part of the Industrial Acceleration Plan , Rabat – Morocco sets to seek MAD 6.5 billion of textile exportations by 2020. This ambitious strategy is basically set in response to the professionalism of the sector operators.
To enhance the bilateral trade cooperation in trade, commerce and mutual investment in fields such as textile, energy and pharmaceutical between the two countries, Pakistan and Azerbaijan, a meeting was held on Wednesday between Pakistan Federal Minister for Finance, Senator Mohammad Ishaq Dar and Shahin Abdulla Mustaffayev, Minister of Economy and Industry of Azerbaijan, in Baku.
The Industries Department has been directed by the Jammu and Kashmir, Chief Minister Omar Abdullah to work out the strategy of establishing proposed Textile Park at a portion of HMT Factory land as it has stopped its functioning for a long time now.
The industries department has been urged to pursue the matter on fast track so that action on setting up of a Textile Park for the local entrepreneurs is taken up as early as possible.
Invista, the world’s largest integrated fiber company, is planning rebranding its man-made fiber line, Lycra. The brand’s high consumer awareness is one of Invista’s most important assets. The company is rebranding Lycra to consumers with the message, “Lycra Moves You.” The new slogan will enhance the three benefits associated with the Lycra brand: freedom, comfort and movement.
Cotton prices may trade on a mixed note. Forecast of below normal rains, lower sowing, demand from the millers and declining supplies may give support to the prices. However, higher production, lower cotton yarn exports, global demand concerns and comfortable supplies may pressurize prices at higher levels.
However, concerns over global demand coupled with higher output last year and weak cotton yarn exports to China capped sharp gains. NCDEX Kapas as well as MCX Cotton futures settled 0.4% and 0.1% higher.
